SKIP TO CONTENT

labor market

labor markets

The economic system in which there are a certain number of available jobs and a certain number of workers who are qualified and motivated to do those jobs is known as the labor market.

When you hear someone talking about the labor market, they're referring to the interaction between employers and workers. Part of what makes up the labor market is simply how many companies are hiring. But it also involves the number of jobs, the number of people looking for work, and how much the jobs pay, among other factors. One aspect of the labor market is that if unemployment is high, companies can pay workers less — because their jobs are in demand.

Definitions of labor market
  1. noun
    the market in which workers compete for jobs and employers compete for workers
    see moresee less
    type of:
    market, market place, marketplace
    the world of commercial activity where goods and services are bought and sold
DISCLAIMER: These example sentences appear in various news sources and books to reflect the usage of the word ‘labor market'. Views expressed in the examples do not represent the opinion of Vocabulary.com or its editors. Send us feedback
Word Family
EDITOR'S CHOICE

Look up labor market for the last time

Close your vocabulary gaps with personalized learning that focuses on teaching the words you need to know.

VocabTrainer - Vocabulary.com's Vocabulary Trainer